House Hacking: Make More Money With Less Down and Live For Free
House hacking is when an owner lives in their property and rents out other parts of the property.
Live Rent-Free Financing Low Down Payment Passive Income
Benefits of House Hacking
Step 1: Become Creditworthy
The most powerful thing in real estate is leveraging other people’s money. You can become creditworthy by improving your good credit score, having a stable income source, and reducing your debt-to-income ratio.
How To Get Started In House Hacking?
Step 2: Build a Relationship With a Local Bank
I always recommend new investors to build a relationship with a local bank or a credit union. A banker at a local bank can sometimes have more influence over your loan than a banker at a “big name” bank.
Study your local real estate market and look for areas with good house hack opportunities: research property values, rental income, and the kind of tenants in your market.
Step 3: Study Your Local Real Estate Market
Step 4: Create a Process to Find Leads
Finding real estate deals is the hardest part of real estate investing. Hence, you need to create a process that leads to potential deals, such as finding absentee owners.
Step 5: Make an Offer
There are always other investors looking for great deals. So, once you’ve analyzed the property, it’s time to pull the trigger and make an offer!
How to Grow Your Real Estate Portfolio
Rental property investing is a great way to generate passive income. However, if you’re looking to replace your income or become financially independent, you’ll need to scale your real estate portfolio.
Swipe up now to read the full post!